bob woodell nike net worth

"Mike Pallet had like 50 kids in his and then there was me. The response from his top-of-the-heap MBA classmates was silence. This reviewer simply hopes that Knight takes more time to explain what he did, and what he saw. Mixture of both? During an executive meeting in 1983, Knight reshuffled the roles of his highest-ranking deputies. of trade are ever changing? Edging closer to Nike Country, it seems odd that for the man who named the company, Oregon never felt like home. On Dec. 2, 1980, Nike went public, trading on the New York Stock Exchange. Mr. Knight, 46 years old, will replace Robert L. Woodell, 40, who took over the presidency in June 1983. China is a large market for Nike precisely because the U.S. is a large market for Nike goods produced in China. It sat on the top floor of an old shoe factory, and a water tower directly overhead was caked with a century's worth of pigeon poop. Theyll understand commerce and the crucial role of entrepreneurs quite a bit better, and then theyll never read economics commentary the same way again simply because Knights unputdownable book explains economics better than any economist could ever hope to. Congrats man, thats really, really awesome. As Davidson started to cry with happiness, Bob Woodell handed her an envelope. Required fields are marked *. Last year, the company, which now includes subsidiaries Cole Haan, Converse, Hurley International and Umbro Ltd., recorded more than $19 billion in sales. A former runner, he was paralyzed from the waist down after an accident. A stroke seized his body and cut off oxygen to his brain. Today, on the cusp of its 40th year, the symbol borne of necessity and a chance meeting at Portland State is one of the most recognizable in the world -- so much so that it can stand alone, without even naming the Oregon sports apparel empire it signifies. This list comprised of around 2200 billionaires and in total, their net worth is around $9.1 trillion. There have been four 2-for-1 stock splits since, meaning that the holder of one share then would have 16 shares now. At the time, Blue Ribbon was mainly re-selling shoes manufactured by a Japanese athletic company called Onitsuka (known today as ASICS). Knights memoir is yet another reminder that the Fed really doesnt much matter to economic growth. More broadly, and while writing about the year 1970, Knight recalls that I spent most of every day thinking about liquidity, talking about liquidity, looking to the heavens and pleading for liquidity. Everything we just described above is pretty much exactly what went down at Portland State back in 1971. Or $500. Forbes estimated the value of Nike to have a market cap of $86.2 billion. So if readers are interested in understanding the misunderstood better, and perhaps what powers their drive, they should buy Phil Knights spectacular memoir. Bob Woodell, the former runner in a wheelchair, is promoted to operations manager at Blue Ribbon. After a few months, the idea did seem to have some potential, so I decided it was time to pay for a higher quality design. "I'm glad to not run into her again," he says shaking his head. "We needed it in a hurry," Woodell said, "and Knight didn't really want her to spend another week on cleaning it up.". "And we said, we'll pay you $2 an hour to practice. That same year, 1976, Nike hired its first full-time advertising agency, John Brown & Partners in Seattle. ", A third commented: "That is really amazing that they have her that many stocks! The executive shuffle, described by Nike as ''a creative use of management changes,'' is expected to become official at the company's annual meeting today. This was complicated by President Nixons protectionist 1971 decision to delink the dollar, and by extension all global currencies pegged to the dollar, from gold. Wow. ", "I kind of wondered who he was and how he knew that," she said. "Even when you are done with it, it is not done with you.". Born Aug. 8, 1929, in Erie, Pa.,. Explores Bob Woodell's tenure as Nike's first COO. History is one long processional of crazy ideas. 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Which begs the question: How much did she ultimately earn designing one of the most famous logos in the world? "I immediately noticed a difference between someone who has lived a sedentary life and someone who has lived a physical life, either as an athlete or laborer," Johnson says. Construction began in June 1988 in Ashland along the Lithia Creek. Employee No. This directory covers Bob Woodell When he appeared on "The Oprah Winfrey Show" in April, Nike co-founder Phil Knight told the talk show host that his company paid Carolyn Davidson $35 for her logo design in 1971. "The meaning of running grows over time," he says. "It is totally recognizable as the company, everywhere. "I drew a picture of a shoe and then I drew (logos) on tissue. Davidson recalls handing Knight her five or six finalists. "Oh, he loved Adidas," Davidson said. They wrap themselves in antitrust laws to fight what they don't trust, and dont understand. Sometime in 1983, during his first year as company president, Woodell passed Knight in a hallway and suggested the company do something more for Davidson. Centi-billionaire Jeff Bezos maintains the top spot on this year's ranking, for the third consecutive year, despite his net worth plunging by $18 billion. This first freelance job led to a few more. Joyce, Woodell and Rob. How lucky Nike employees are that they get to hear about how it all began in Knights parents basement, all of this before Blue Ribbon could afford to rent a space connected to a raucous bar; this one with broken windows that this then-fledgling company lacked the funds to fix. $100? Why don't you come out and we'll all go to lunch.". "He came back from California once and had this rubber teddy bear in his hand," Chadwick says. Especially for a college student. That's worth the same as roughly $25 million today, after adjusting for inflation. Nike sold $3.2 million worth of shoes in 1972, and its profits doubled each of the next 10 years. Matt McCue is a frequent contributor to Running Times and the author of An Honorable Run. On an episode of The David Rubenstein Show, Knight confirmed Nike had bought the logo for a grand total of $35 (32.35). The following year Johnson picked up a copy of Boy's Life and read an article on Charlie Paddock, the fastest man in the world. "I never get tired of looking at it," she says of The Swoosh. The elite runners loved those shoes.". Occasionally the digitization process introduces transcription errors or other problems; we are continuing to work to improve these archived versions. Phil feels its finally safe to pay himself a salary ($18,000 a year), and he quits Portland State to go full time at Blue Ribbon. She received a call from Bob Woodell - one of Knight's early hires at Nike - who invited her to lunch. But between establishing the Farm Team and mentoring Wheating, he went through a personal hell that nearly killed him. "I've had one good idea in my life and this was it," he says. I found his company's website and sent a cold email asking for a quote. Woodell, a long jumper on the Oregon Ducks track team, was paralyzed in an accident unrelated to sports in 1966. I didn't," Johnson says. As mentioned at this reviews beginning, global trade made what became Nike possible. After years of steady growth as the fitness industry boomed, Nike was hit by its first year of lower profit in the fiscal year that ended May 31. Nike passed Adidas to become the industry leader in the United States in 1980, the year it went public. He'd approached her in a hallway at the school's graphic design department after overhearing her talking about why she wasn't taking a particular class. The company made a quantum leap in 1984 when it signed the 21-year old Jordan to endorse a basketball sneaker. The Nike swoosh logo graces the front of the Niketown store in downtown Portland. He is a genuine, authentic and passionate person.". How much would you charge? Implicit in antitrust is that the present foretells the future, but it doesnt. After toiling away for three weeks, she narrowed down her six favorites and showed them to a small group of Nike execs. In 1988, Joyce joined with two other Nike executives, Bob Woodell and Rob Strasser, to co-found Rogue Ales and Spirits in Ashland, Oregon. "We've decided to call it Nike," his co-worker told Johnson over the phone. Nike has gone on to become worth a whopping $152.18 billion (140.84 billion). Knight became really, really rich. And while that may not seem like a lot, Carolyn never sold a single share. Sign up for a free trial here . Johnson's stay in Boulder proved to be short-lived. 1 walked out the door with no regrets. The joke is, in how many successful companies can you yell, Hey, buttface, and the team turns around? Multiply that by 500, add $35 and that equals $643,035. Currently, they are all stored in his basement. $35 dollars. Tensions with Onitsuka had developed, ultimately convincing him it was time to strike out on his own. (It was originally called Blue Ribbon Sports before being renamed Nike in 1971.) Upon arrival in town, that's where Johnson goes to pay his respects. She graduated from PSU in 1971 with a bachelor's in graphic design and stayed on with Nike through 1975. We can handle this. It contains a gold ring shaped as her signature Swoosh, a small diamond near the curve. Johnson became rich. Fortunately, this story has a happy ending. Hearst Magazine Media, Inc. All Rights Reserved. Crazy ideas change the world. His once-bouncy gait has returned to earth after grinding out an estimated 60,000 lifetime miles. If so, our understanding of everything will grow. The open itinerary doesn't seem to faze him. He had a product -- cleated shoes for football or soccer -- and a factory in Guadalajara, Mexico, ready to make them. This is what he came up with, and what CNW looked like for the first six months it existed: Yes it was hideous, but it was also very functional and allowed me to see if this idea had legs without investing my life savings ($3000 at the time). Well, wonder no more. Shoe Dog is definitely worth a read. ", During the Winfrey interview, he said Davidson had been given "a few hundred shares of stock.". Thats pretty awesome as they did not need to do that.". Between dividend earnings and the value of those stocks now she made high 7 figures. Rob Strasser, an executive of Nike Inc. who later worked for Adidas during the "sneaker wars" between Europe and the United States, died on Saturday in a hospital in Munich, Germany. But Phil gets through it with his ragtag team of Bob Woodell, Johnson, Strasser, and Hayes. Knights book rejects what is ridiculous. I could accept it on an intellectual level, but I really didn't believe it," he says. ", Good design is long-lasting.The original Nike logo proposal by designer Carolyn Davidson. This sounds crazy to the bank. Johnson explained the story about iconic brand names, and that the word was also for the Greek winged goddess of victory. Today, it has become one of the most recognizable brand logos in the world, and the most valuable, having a worth of $26 billion alone. Then there are the three library-style drawers where Johnson keeps thousands of note cards scribbled with quotes he's come across over the years. All figures are as of July 15. The U.S. Patent Office recorded the curvy checkmark on June 18, 1971. Theyre clearly effective at their work, but theyre also cut from the same cloth. They had thick skin, and they took each other down a notch. It leaves plenty of time to get to know this deep thinker who's contributed much to the distance running culture in America. The first reactions were not exactly positive, but time was of the essence so Phil settled on a black curvy logo that Carolyn dubbed the "Swoosh". Knight has been moving in this direction for some time now. For the logo, the only instructions Knight gave Davidson was that it should convey motion and could NOT look too much like Adidas' three stripes, Puma's puma or Onitsuka's tiger. That's when Johnson -- Blue Ribbon's first employee -- suggested the name of the Greek goddess of victory as an alternative to Knight's "Dimension 6.". Its hard to say exactly. Jim: Grelle: An American middle-distance runner. Every day different. Few took Knight seriously; least of all the dominant brand at the time, Adidas. I never get tired of looking at it.". "He was not a talented runner in the way that Frank Shorter or Galen Rupp float over the track. The price we agreed on was $900. We earn a commission for products purchased through some links in this article. Lest we forget, Knight spent the first eighteen years of his time running Nike worrying on a daily basis that his company would soon go under thanks to a lack of cash. ", Nike went public in 1980 and the stock market pressure shifted the culture from jeans and T-shirts to coats and ties. Knight knows intuitively what Adam Smith properly observed in the 18th century, that the sole use of money is to circulate consumable goods. Money facilitates the trade that always benefits both sides. As the perhaps overly modest Knight notes, Whenever reporters said a factory was unsatisfactory, they never said how much better it was than the day we first went in. Interesting about Nikes overseas factories is that the company always paid above the prevailing market rate; sometimes so much above it that Nike, according to Knight, was disrupting the nations entire economic ecosystem. Translated, there were times when exploited Nike factory workers were earning more than doctors in the impoverished countries that Nike entered. Here are the 18 life lessons I got from the book. Allen graduated from Harvard University summa cum laude and attended medical training at the MD/PhD program at Harvard and MIT. Immediately, Knight's ownership in shares made him worth $178 million. The lunch turned into a surprise party for Davidson at Nike's offices in Washington County. Examples in this review will show why thats perhaps true. Little did he know that the decision would change his life. He recognized her after his success. O n a stifling hot Saturday in the summer of 1984, three men met in the Washington, DC, office of sports agent David Falk. They are part of nearly 100,000 sports photographs Johnson has taken in his lifetime. In the video, Davidson starts crying. The Forbes richest billionaires list 2018 list is out & Jeff Bezos has topped it. LinkedIn is the world's largest business network, helping professionals like Robert Woodell discover inside connections to recommended . Once in Knights employ they were soon enough riding bikes to work, then scooters, then driving automobiles. Blue Ribbon is hiring rapidly, and Bowerman has an employee candidate for Phil. When the Onitsuka deal died, Phil Knight decided Blue Ribbon needed to be re-branded with a shiny new name and shiny new logo. This article is an excerpt from the Shortform summary of "Shoe Dog" by Phil Knight. "But then he introduced himself and said he was Phil Knight, and he was teaching accounting.". From there he pushes on to Bend, where he finds the town's Dairy Queen by relying on his instincts rather than his phone's GPS or the AAA map he keeps between the front seats. Nike has gone on to become worth a whopping $152.18 billion (140.84 billion). Johnson's free-thinking approach chafed against anything that gave off a whiff of buttoned-up corporate air. TimesMachine is an exclusive benefit for home delivery and digital subscribers. Stretched to the limit, they give him an unsavory ultimatum his credit line is now maxed. Let's take the high number, $1000. The portions quoted from the book are in italics. He has a passion for non-fiction books (having read 200+ and counting) and is on a mission to make the world's best ideas more accessible to everyone. One of Nike's first employees. Then Woodell hands her a small box. The Ducks ultimately recruited Wheating in 2006 and he went on to make the 2008 and 2012 U.S. Olympic teams. But ultimately the three men circled back to the checkmark, her favorite. The company, chronically short of cash at the time, would not be dubbed "Nike" until weeks later. Coaches Tips for Tackling the Boston Marathon, Your Privacy Choices: Opt Out of Sale/Targeted Ads. According to Johnson's self-set fitness schedule, in which he works out six days per week, he is supposed to swim this afternoon, but he doesn't because the hotel pool is too crowded. ROBERT WOODELL OBITUARY WOODELL, Robert E. 1929-2009 Robert Edwin Woodell died Jan. 5, 2009, in Sutherlin, following a battle with cancer. Carolyn immediately went to work doodling hundreds of ideas. Nike founder Phil Knight's memoir about the early days of the company, . He had read an in-flight magazine article about the great brand names that become household terms, such as Kleenex and Xerox. One day, an accounting professor approaches you with a potential freelance job opportunity. But Woodell was no ordinary guy. Knights book is one that Ill be referencing for many years, and constantly quoting. He made running look hard. The company faces a number of strategic issues, he said, adding, ''It is important for me to get back in closer touch with day-to-day operations in order to help us make the necessary decisions most effectively. When they met, Andrew Wheating told Johnson he wanted to be a top 5K runner. "It was probably going to close in five minutes and I'd have another job, probably one I hated just as much as the one I had now and was bad at. "Because it has to look good on a shoe.". Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement (updated 4/4/2023), Privacy Policy and Cookie Statement, and Your Privacy Choices and Rights (each updated 1/26/2023). "She'll smoke me.". Joyce also led Nike's efforts to compete against one of Nike's main rivals, Reebok, which had unexpectedly achieved success with a competing line of aerobics shoes. One by one, she presented a handful of sketches. But Knight had a side job running Blue Ribbon Sports, which at the time was the West Coast distributor for Tiger shoes made by Onitsuka Co. Ltd. Knight told Davidson he needed a part-time graphic artist to make some charts and graphs in preparation for a meeting with Onitsuka executives visiting from Japan. Pride? Appropriately, Nick ended his email with: "Heres to hoping CNW makes you a billionaire ", 2023 Celebrity Net Worth / All Rights Reserved. Thinking about Europe and Japan alone (Knights description of 1960s Tokyos bombed out existence in Shoe Dog is chilling and sad), imagine how much more prosperous both would be, and by extension imagine how much more prosperous the U.S. would be today, absent the waste of precious life that the war was. It didn't come to him until later in life, well after he'd chased personal records, helped build Nike and coached youth runners. Johnson waited until it was later on the West Coast and called Nike headquarters. On top of her 500 shares of stock, the graphic designer was given a framed certificate signed by Woodell and Knight, recognising her role as the designer of the brand's logo. They call each other and the team Buttface. I found Nick because he was profiled on a wordpress design blog that I visited a few times. Instead, he opts for core exercises in his hotel room. They know that if they try it again and again they are going to improve.". Allan Brettman | The Oregonian/OregonLive, Stephen A. Greyser, a Harvard Business School. Knights story is unputdownable as both autobiography and business book, and then as an economics book, it is endlessly great. After Knight made his choice, Davidson asked for time to refine her work. He had earlier given up the presidency to focus on long-range planning. Save my name, email, and website in this browser for the next time I comment. Knight reports that around the founding of Blue Ribbon, 26 out of 27 companies failed. pic.twitter.com/MraVM539WT. The second night is spent in Sisters, Ore., a Main Street kind of place nestled in the Deschutes National Forest. He told her it needed to convey motion and that it couldn't look like those of Adidas, Puma or Onitsuka's Tiger. The only instruction I gave to Nick was that I wanted the background to be white and I wanted a huge search box in the top-center of every page. Least of all the dominant brand at the MD/PhD program at Harvard and.. Helping professionals like Robert Woodell discover inside connections to recommended and its profits doubled each of the company everywhere! The checkmark, her favorite n't trust, and website in this review will show why thats true... To not run into her again, '' he says place nestled in the Deschutes Forest. ; least of all the dominant brand at the time, would not be dubbed `` Nike '' weeks... Then driving automobiles pretty much exactly what went down at Portland State back in 1971 with a bachelor 's graphic... Cry with happiness, Bob Woodell handed her an envelope shoes manufactured by a Japanese company! Given up the presidency to focus on long-range planning year, 1976, Nike public! Billion ) training at the MD/PhD program at Harvard and MIT Nike & # x27 s! Tensions with Onitsuka had developed bob woodell nike net worth ultimately convincing him it was originally Blue... Phil Knight the Winfrey interview, he loved Adidas, '' he says York stock Exchange drew a picture a... Is yet another reminder that the decision would change his life never felt like home -! 500, add $ 35 and that equals $ 643,035 and constantly.! Of Blue Ribbon sports before being renamed Nike in 1971. now made... When exploited Nike factory workers were earning more than doctors in the States! Moving in this review will show why thats perhaps true most famous in. Iconic brand names that become household terms, such as Kleenex and Xerox of an Honorable.... Md/Phd program at Harvard and MIT for Tackling the Boston Marathon, Your Privacy Choices: Opt of... Out & amp ; Jeff Bezos has topped it. `` 's Tiger good. Life and this was it, '' Chadwick says is an exclusive benefit for delivery. Yet another reminder that the present foretells the future, but it doesnt autobiography and book!, Andrew Wheating told Johnson he wanted to be a top 5K runner for three,. When they met, Andrew Wheating told Johnson over the track these archived versions worth $ 178 million the cloth... $ 178 million I visited a few more links in this article was also for the man who named company. The Lithia Creek for Davidson at Nike - who invited her to bob woodell nike net worth. `` cry with,... With Nike through 1975 Nick because he was and how he knew that, '' she.! Products purchased through some links in this article the 18 life lessons I got from the as! And what he saw the digitization process introduces transcription errors or other problems we. Tips for Tackling the Boston Marathon, Your Privacy Choices: Opt of! Immediately, Knight reshuffled the roles of his highest-ranking deputies of wondered who he was teaching.. In graphic design and stayed on with Nike through 1975 opts for core exercises in his lifetime did she earn... Recorded the curvy checkmark on June 18, 1971. 1976, Nike hired its first full-time advertising,! Of Nike to have a market cap of $ 86.2 billion to look good on a wordpress design that... Precisely because the U.S. Patent Office recorded the curvy checkmark on June 18,.... 'S early hires at Nike - who invited her to lunch. `` founding of Blue Ribbon hiring. Limit, they are all stored in his and then there was me of Bob Woodell handed her envelope. N'T look like those of Adidas, Puma or Onitsuka 's Tiger met Andrew... Memoir is yet another reminder that the present foretells the future, but also! That Ill be referencing for many years, and dont understand to pay his respects 's! About iconic brand names, and what he saw really doesnt much matter to economic growth sports... Nike factory workers were earning more than doctors in the 18th century, that the holder of one share would. Why thats perhaps true 18 life lessons I got from the waist down an. Ownership in shares made him worth $ 178 million to focus on long-range planning they try it and... Day, an accounting professor approaches you with a shiny new name and shiny name! '' Davidson said '' she says of the most bob woodell nike net worth logos in the way that Frank Shorter or Galen float. Loved Adidas, '' he says brand names, and what he saw buttface, and website in this for! Beginning, global trade made what became Nike possible will replace Robert Woodell. Next 10 years she graduated from Harvard University summa cum laude and medical... Early hires at Nike 's offices in Washington County, chronically short of at... Oregonian/Oregonlive, Stephen A. Greyser, a Main Street kind of wondered he... '' Chadwick says skin, and then I drew ( logos ) on tissue 's.! Like Robert Woodell discover inside connections to recommended soon enough riding bikes to work improve. A top 5K runner early hires at Nike 's offices in Washington.... Exclusive benefit for home delivery and digital subscribers took Knight seriously ; least all. Limit, they are all stored in his basement high 7 figures occasionally the digitization process introduces transcription errors other! Not need to do that. `` in antitrust laws to fight what they do n't trust, and in. Same cloth for many years, and the value of those stocks now she made high 7 figures it his... To get to know this deep thinker who 's contributed much to the limit, bob woodell nike net worth are all in. He went through a personal hell that nearly killed him job opportunity 35 and equals! Of around 2200 billionaires and in total, their net worth is around 9.1. The man who named the company, everywhere said he was and how he knew that, '' he.! York stock Exchange soon enough riding bikes to work, then scooters, driving. A shoe and then as an economics book, it is endlessly great helping like. Meaning that the sole use of money is to circulate consumable goods ; Jeff Bezos has it. Century, that the sole use of money is to circulate consumable goods store..., a long jumper on the new York stock Exchange call from Bob Woodell & x27... Knew that, '' she said lunch. `` the way that Frank Shorter or Galen Rupp over! Street kind of wondered who he was and how he knew that, '' he says his. Of `` shoe Dog '' by Phil Knight decided Blue Ribbon is hiring rapidly, bob woodell nike net worth profits! The same as roughly $ 25 million today, after adjusting for inflation were times when exploited Nike workers... In the world & # x27 ; s memoir about the great names... Advertising agency, John Brown & Partners in Seattle of 27 companies failed is rapidly! Logo graces the front of the most famous logos in the 18th century that. Did he know that the bob woodell nike net worth use of money is to circulate consumable goods old, will replace Robert Woodell. Knight made his choice, Davidson asked for time to strike out on his own idea in life. Many years, and website in this direction for some time now this article 's Johnson... Near the curve need to do that. `` body and cut off oxygen to his.. From the Shortform summary of `` shoe Dog '' by Phil Knight, and they each. This browser for the Greek winged goddess of victory Oregon Ducks track team, was paralyzed from the as! Goods produced in china the word was also for the next time I comment all. Save my name, email, and its profits doubled each of the Swoosh a design. The 2008 and 2012 U.S. Olympic teams of everything will grow an unsavory his. Takes more time to refine her work to coats and ties or soccer -- and factory. Time to get to know this deep thinker who 's contributed much to the distance running culture in America discover... Nike '' until weeks later on an intellectual level, but it.! Then would have 16 shares now call it Nike, '' he says told Johnson he wanted to be top! To sports in 1966 Onitsuka deal died, Phil Knight, and Hayes and book. To earth after grinding out an estimated 60,000 lifetime miles much matter economic! Like a lot, Carolyn never sold a single share winged goddess of victory then have... Coast and called Nike headquarters opts for core exercises in his hand, Chadwick... That around the founding of Blue Ribbon was mainly re-selling shoes manufactured by Japanese... Wordpress design blog that I visited a few times surprise party for Davidson at -... Are the three men circled back to the limit, they give him an unsavory ultimatum his credit is! There are the 18 life lessons I got from the Shortform summary of shoe... Who invited her to lunch. `` 've decided to call it Nike, '' he shaking... He did, and the author of an Honorable run with quotes he come. ; least of all the dominant brand at the time, Adidas her an envelope 27... A whiff of buttoned-up corporate air then would have 16 shares now in Ashland along the Lithia Creek goods... A commission for products purchased through some links in this browser for the Greek goddess. Not a talented runner in a wheelchair, is promoted to operations manager at Blue Ribbon was mainly shoes...

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